Challenge
To package and sell the process facility, a 50,000-square-foot biologics manufacturing facility with two 3,000 Litre Mammalian Cell Manufacturing Sites, back within the industry to a company with a pipeline of products in the clinical stages of development. The facility was already 10 years old at the date of sale.
Identification Strategy
Identify through substantial research the names of those companies who were in Phases I, II and III with a strategy to develop and manufacture their product internally and not contract with a CMO.
Results
35 companies were identified and presented the offering memorandum and detailed drawings. The effort yielded 12 on site visits by interested companies. Three of those companies were vetted and proved to be capable of buying the property and had a specific need for the manufacturing capacity. Within ten months the property was successfully sold to Auxilium Pharmaceutical at a purchase price of $21,250,000 or $425 per square foot.
"Mike Brown and his listing team were on target with their marketing approach and successfully achieved what we thought to be an appropriate purchase price for the property."
Brian Davis
CFO
NEOSE Technologies
